Core Insights - GFL Environmental Inc. reported a revenue of $2,060.0 million for Q2 2024, representing an 11.1% increase excluding divestitures and a 6.0% increase including divestitures compared to Q2 2023 [3] - The company raised its full-year 2024 guidance for Adjusted EBITDA to between $2,240.0 million and $2,250.0 million, reflecting a 70 basis point increase over original guidance and a 170 basis point increase year-over-year [2][8] Financial Performance - Adjusted EBITDA for Q2 2024 was $591.1 million, a 13.9% increase excluding divestitures and a 9.3% increase including divestitures compared to Q2 2023 [3] - The Adjusted EBITDA margin improved to 28.7% in Q2 2024, up from 27.8% in Q2 2023, while the Solid Waste Adjusted EBITDA margin increased to 32.5% from 31.6% [3] - The company reported a net loss of $472.3 million in Q2 2024, compared to a net income of $293.8 million in Q2 2023, primarily due to a non-cash loss from divestitures [3][5] Revenue Breakdown - Solid Waste revenue for Q2 2024 was $1,581.6 million, with a core pricing increase of 6.5% offset by a volume decrease of 1.7% [3] - Environmental Services revenue increased to $478.4 million from $442.9 million in the prior year period [3] Year-to-Date Results - For the six months ended June 30, 2024, total revenue was $3,861.4 million, an 8.9% increase excluding divestitures and a 3.2% increase including divestitures compared to the same period in 2023 [4] - Adjusted Free Cash Flow for the six months ended June 30, 2024, was $234.8 million, a significant increase from $(46.3) million in the prior year [5] Updated Guidance - The updated full-year 2024 revenue guidance is estimated to be between $7,900.0 million and $7,925.0 million, reflecting an increase compared to original guidance [8] - Adjusted Free Cash Flow for the full year is estimated to be approximately $810.0 million, up from previous guidance [8] Strategic Insights - The company is focusing on organic growth opportunities, including RNG and EPR, and has accelerated its exit from low-margin residential collection contracts in Michigan [2] - GFL is exploring potential asset sales to enhance shareholder value, with preliminary expressions of interest already received [2]
GFL Environmental Reports Second Quarter 2024 Results and Raises Full Year 2024 Guidance for the Second Time